Sermsang Power Corporation Public Company Limited Results of the Year 2018 7 March 2019 1
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Consolidation Key Highlights • 2018 results shows moderate growth from early stage of project materialization; sale and EBITDA growth of around 25-30%, NI growth 41.8%, and COP growth 5.6%. • Contribution from 2 JP and 1 Thailand solar projects achieved COD during 2018 (Hidaka from Mar-18, Zouen from Aug-18 and WVO from 30 Nov-18) • Revenue contribution of JP solar project: approx. 21% for 2018. • Plant outage shutdown Hidaka project of approx. 3 days and 10 days effect from heavy snow during 4Q18. • November: 3 days, major maintenance. • December: 10 days, heavy snow effect • WVO solar started commercial operation (COD) in Q4-18 (30 Nov-18). • Seasonality effect for 4Q (heavy snow) on Japan solar projects. • SPN’s volume continued to be lower than last year: -3.3% for 2018 (for Q4: +1.0% QoQ, +3.0% YoY) • Khunsight Khundi project (Mongolia): construction completed, still on test run and commissioning (expected to COD within Q1-19 as planned) • SNNP3&4: under construction and expected to sold electricity to IU in Q1-19. • Propose dividend for shareholders approval at 40% COP (+/- 200 MTHB; 0.217 THB/share) 3
Progress Report of Projects under Construction/Development 4
Robust Portfolio Growth from High Quality Pipeline Future Project Pipeline Details Installed Capacity Project Location Status Expected COD (MW) Start Commercial Operation SPN 52.0 Q1 2015 (2 nd February 2015) Start Commercial Operation Hidaka 21.0 Q1 2018 (1 st March 2018) SNNP1 Complete 0.384 Q1 2018 0.998 Q1 2018 SNNP2 Complete Do Home 3.0 Q3 2018 Complete Start Commercial Operation Zouen 8.0 Q4 2018 (1 st August 2018) Start Commercial Operation Solar WVO 5.0 Q4 2018 (30 th November 2018) SNNP 3 & SNNP 4 0.7 Q1 2019 Under Construction 16.4 Q1 2019 Khunsight Kundi Under Construction Binh Nguyen Solar Under Construction 49.6 Q2 2019 Yamaga Under Construction 34.5 2020 5 Leo Under Construction 40.0 2021-2022
Delivery timeline: short-medium timeframe 157.0 MW 107.4 MW 90.4 MW Binh Nguyen Solar 49.6 MW Khunsigh Kundi 16.4 MW 85.4 MW WVO 5 MW 74.4 MW 74.4 MW DoHome 3 MW SNNP3 and SNNP4 0.7 MW SPN 52 MW Zouen 8 MW Hidaka 21 MW SNNP1 and SNNP2 1.4 MW 6
SSP Group Portfolio – Over 200 Equity MWp under Operation and Construction 7
SS Solar WVO 5MW : COD in 30 November 2018 (Q4-18) 8
TGC Khunsight Kundi (Mongolia) 16.4MW: Construction Progress As of Jan-19 New airport - Construction complete - test run and commissioning state 9
TGC Khunsight Kundi (Mongolia) 16.4MW: Construction Progress 10
GSSE Yamaga 34.5MW: Construction Progress As of Jan-19 - Site Preparation - Mounting Work - PV Panel Installation Work 11
GSSE Yamaga 34.5MW: Construction Progress 12
GSSE Construction Progress (Yamaga) As of Jan-19 Yamaga C Project S-curve 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% Old Plan 20.00% Actual 10.00% Revised Plan 0.00% 13
GSSE Current & Next Progress: Yamaga Current Progress (As of January 2019) Site Preparation : 85.85% Completed Grid-Connection Substation Work : TBD : 2.53% Completed Electrical Work High-Voltage Wiring Work : 0.45% Completed Inverter Installation Work : 0.68% Completed PV Panel Installation Work : 3.63% Completed Panel Wiring Work : 0.10% Completed Monitoring & Security System : TBD Mounting Work : 15.32% Completed Self-Operated Distribution Line Work : 1.09% Completed Material Delivery : 20.06% Completed Next Progress Site Preparation : 88.60% Completed by end of Feb 2019 Electrical Work : 5.18% Completed by end of Feb 2019 : 28.48% Completed by end of Feb 2019 Material Delivery 14
Ashita Power 1 Leo (Ashita 1) 26MW: Construction Progress (Site Preparation) As of Jan-19 15
Ashita Power 1 Leo (Ashita 1) 26MW: Construction Progress (Site Preparation) As of Jan-19 16
Ashita Power 1 Construction Progress (Leo-Ashita 1) As of Jan-19 LEO1 Project S-curve 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% Plan 20.00% 10.00% Actual 0.00% 17
Ashita Power 1 Current & Next Progress: Leo-Ashita 1 Current Progress (As of January 2019) Site Preparation : 0.60% Completed Grid-Connection Substation Work : TBD : TBD Electrical Work Self-Operated Distribution Line Work : TBD Material Delivery : TBD Next Progress Site Preparation : 2.53% Completed by end of Feb 2019 18
TTQN Binh Nguyen Solar (Vietnam) 49.6 MW: Construction Progress As of Feb-19 19
TTQN Binh Nguyen Solar (Vietnam) 49.6 MW: Construction Progress As of Feb-19 20
TTQN Construction Progress (Binh Nguyen) 21
2018 4 th th Quarter of 2018 and The Fis iscal Year of 2018 2018 Results 22
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